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of <h1>National Savings Certificates VIII Issue: purchase, transfer, pledge, nomination and maturity rules, with limited premature encashment and taxable interest.</h1> The National Savings Certificates (VIII Issue) Rules, 1989 prescribe the terms and administration of the National Savings Certificates (VIII Issue), including eligible purchasers, certificate types (single holder and two joint variants), permissible denominations, and purchase and issue procedures (including treatment of payments by cheque and reinvestment using proceeds of matured 'old certificates'), with the operative consequence that certificates are issued and dated by reference to payment/realisation rules and may be transferred between post offices. The rules regulate transfer between persons and pledging as security (including endorsements and re-transfer), replacement of lost/damaged certificates, nomination and nominee rights, and payment to heirs within specified limits, with the operative consequence that title and payment entitlements follow prescribed eligibility and procedural conditions. They fix a six-year maturity, specify interest accrual and maturity values, permit premature encashment only in limited events with discount rules, and clarify that interest is taxable on annual accrual without tax deduction at discharge, subject to specified fees and limited post office liability for fraudulent encashment.
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